Dubai – Mubasher: SHUAA Capital on Monday announced acquiring an 8% stake in Kuwait-based and -listed Amwal International Investment.
The UAE-based integrated financial services firm stated that the acquisition involved 14.49 million shares in Amwal, whose primary investment includes a majority stake - 51% - in online trading platform Noor Capital Markets, according to a statement.
Commenting on the investment, SHUAA’s general manager, Fawad Tariq-Khan, stated that the deal was “one of several strategic investments” as part of SHUAA’s evolution strategy.
The investment will help “take the region’s financial services landscape to a new level,” Tariq-Khan added, noting that SHUAA views Amwal as having great potential and value, in addition to its access to the Noor Capital Markets trading platform.
SHUAA Capital, which is listed on the Dubai Financial Market (DFM), has been working on expanding its capital markets platform through recent acquisitions and increasing its offerings to clients.
It recently announced its acquisition of Integrated Securities and Integrated Capital after completing the due-diligence process which started in March. The deal is set to bring SHUAA north of 3,000 clients and over AED 15 billion shares in custody.
“SHUAA is the largest and most active market maker in the UAE and recently announced its continued growth and support of the Nasdaq Dubai Futures Market, which recorded a 76% increase in trade month-on-month in June,” the statement showed.
SHUAA Capital’s subsidiary Gulf Finance Corporation also owns around 3% of Amwal.
